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Occidental Petroleum (NYSE: OXY) unveiled a sponsorship deal with football's Houston Texans Friday where the NFL team agreed to buy carbon dioxide removal credits to offset the impacts of the team's air travel to games in other cities.
The team will pay Occidental (OXY) for credits tied to a share of the carbon removed from the 1PointFive unit's first direct air capture plant, which is expected to be operational in late 2024.
The project in the Permian Basin is designed to remove 500K tons/year of carbon dioxide from the air and lock the greenhouse gas deep underground.
While Occidental (OXY) is considering using some of the carbon dioxide taken out of the air to harvest for crude oil from aging oilfields, all the CO2 for The Texans deal "will be sequestered in saline reservoirs not associated with oil and gas production," the companies said.
Declining oil prices are "no reason to bail on the stock," and Warren Buffett "invests for the long term and so should you," Long Player writes in an analysis posted recently on Seeking Alpha.